9 July 2015 – Cinco Días
The opportunistic fund Lone Star has put the Rivas Futura retail park, in the Madrilenian town of Rivas Vaciamadrid, up for sale. The retail space covers an area of more than 40,000 m2 and includes around 30 large stores, such as Toys’r’us, Leroy Merlin, Media Markt, Decathlon, Kiab and Prenatal.
The retail park opened in May 2006. In 2008, the insurance company Axa Reim purchased it from Avantis for €81 million. Subsequently, it was included in Eurohypo’s secured loan portfolio.
The asset was subsequently included in the so-called Project Octopus, loans that were sold by Commerzbank (after its acquisition of Eurohypo), which Lone Star ended up purchasing.
This retail park currently has an occupancy rate of 80% and market sources say that the sales price could stand at around €70 million. The transaction has been brokered by Knight Frank, which has declined to comment on proceedings.
In Spain, Lone Star also acquired Kutxabank’s real estate arm, Neinor, last December, for €930 million and obtained control over the former Basque cajas’ property management platform. This fund, led by Juan Pepa in Spain, is committed to the residential market, through Neinor, and has plans to invest up to €1,000 million in land.
Original story: Cinco Días (by Alfonso Simón Ruiz)
Translation: Carmel Drake
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Source:: AURA Real Estate Experts